Abercrombie & Fitch CEO Mike Jeffries is one of the most overpaid executives, according to a recent report by shareholder advisory firm Glass Lewis about executive compensation.

Abercrombie has floundered since 2009, when it nearly didn't turn a profit. Since then, the preppy clothing company has struggled to connect with increasingly alternative customers.

But through the downturn, Abercrombie has continued giving Jeffries insane perks. In 2011, it paid him $4 million to stop using the company jet, according to the report. This year, his compensation package was padded with access to lucrative stock appreciation rights.

Shareholders are disgruntled about his pay—only 23% approved his compensation package at the annual meeting in June. He earned $8.16 million in 2012.

So how does Abercrombie justify padding Jeffries' benefits, even while the company flounders under his leadership? By citing the incredible impact he's had on Abercrombie & Fitch as we know it. Jeffries, who has been CEO for about 20 years, is “effectively the founder” of modern-day Abercrombie, the compensation committee said at the meeting. Before he took over, Abercrombie was known as a store for outdoorsmen. Jeffries transformed it into a sexy teen destination that was constantly making headlines.